Pakistan Customs, Tax, Shipping & Business News Resource
Karachi: Mr. Atif Ikram Sheikh, President FPCCI, has echoed the collective demand of the business, industry and trade community that the section 7E of the income tax ordinance (ITO) 2001…
KARACHI: Dozens of petition filed against demands raised under newly added section pertaining to capital assets. The federal government has introduced a new section 7E to Income Tax Ordinance through…
KARACHI: The government of Pakistan has promulgated the Ordinance affecting amendments to certain tax laws, which results in withdrawal of Rs140 billion tax exemptions. Download the Ordinance here: Incometax(secondamendment)ordinance,2021)ordinanceNo.VIIof2021dataed22.03.2021
KARACHI: The concept of an ‘agreed assessment’ is proposed to be introduced in the Income Tax Ordinance, 2001. Though not defined in the Ordinance, an agreed assessment represents a status…
KARACHI: A specific process has been laid down for the deemed assessment under section 120 of the Income Tax Ordinance, 2001. The Income Tax Ordinance, 2001 by way of section…
KARACHI: The Finance Bill 2019 has proposed enhanced powers for Income Tax Commissioner enabling them to enter and search the premises and confiscate undeclared assets. Section 175 of the Income…
KARACHI: Justice Muhammad Ali Mazhar of High Court of Sindh (SHC) on Thursday ordered issuance of notices to respondents in a fresh challenge to section 4B of the Income Tax…
KARACHI: The Federal Board of Revenue (FBR) has notified 7-day extension in the date of filing withholding tax (WHT) statements for the tax year 2016 till July 22, 2016. “FBR…
KARACHI: The Association of Builders and Developers of Pakistan (ABAD) and the real estate sector have outrightly rejected amendment in the Income Tax Ordinance 2001 (ITO) and addition of a…
KARACHI: The Federal Board of Revenue (FBR) has notified special exemption allowed to growers of agricultural produce. Representatives of flour mills and trade bodies have raised the issue of income…
KARACHI: The governments intends to introduce multi-fold increase in the tax rate applicable, gross receipts from services rendered and construction contracts executed outside Pakistan. Presently, gross receipts from services rendered…
KARACHI: The Directorate of Post Clearance Audit (PCA) Karachi has served audit observations on two different LED lights importers for short-paying duty and taxes through claiming concessions not applicable to…
KARACHI: The Federal Board of Revenue (FBR) has issued explanation regarding new withholding tax provisions applicable to banking companies. Banking instruments and channels are used to acquire assets and incur…